Mich. Admin. Code R. 500.108
Duty to disclose changes in information.
(By authority conferred on the director of the department of insurance and financial services by sections 210, 4651, 4747, and 4813 of 1956 PA 218, 1969 PA 306, E.O. 2013-1; MCL 500.210, MCL 500.4651, MCL 500.4747, MCL 500.4813, MCL 24.231 to MCL 24.233, MCL 550.991.)Insurance
The holder of a limited certificate of authority has an ongoing duty to promptly disclose any material changes in information to the director as soon as the holder of the limited certificate of authority becomes aware of the change. The holder of a limited certificate of authority shall submit to the director for review and approval before implementation of the following:
- (a) Any material modifications to the captive’s plan of operation.
- (b) Any proposed new special purpose securitization proposed by a special purpose financial captive.
- (c) Any new protected cell programs.
History: 2015 AACS.